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|Course Number:||BUSADMIN 5100|
|Course Name:||Compensation Management (Online)|
|Course Description:||An exploration of the discipline of compensation management. The processes of job analysis and job evaluation are discussed as methods to determine internal pay equity. Market wage surveys are presented as a means to ensure external equity. Wage scale development and various employee benefit options are discussed. Other topics include wage and benefit-related laws, performance appraisal, and motivation theories.|
|Prerequisites:||BUSADMIN 5030 or consent of instructor|
NOTE: The information below is representative of the course and is subject to change. The specific details of the course will be available in the Desire2Learn course instance for the course in which a student registers.
After completion of the course, you will be able to:
- Understand the various components of an organization's employee reward system and the effects of compensation on employees and organizations.
- Develop job descriptions from raw data gathered via job analysis.
- Evaluate jobs using the job evaluation methods of ranking, classification, and point methods.
- Develop a pay structure using raw data gathered using a wage survey.
- Understand the rationale for and methodology of using team-based and performance-based pay systems.
- Understand the short-term and long-term incentive and employee benefits and service options available to organizations.
- Understand the options and rationales for compensation systems for various special employee groups such as executives and professionals.
- Review the legislation which applies to compensation management in the United States and to interpret the Fair Labor Standards Act in classifying jobs by exemption status.
- Analyze jobs using several job analysis methods.
- Demonstrate knowledge of the material presented in the course by providing correct responses to true/false, multiple-choice, and short answer test questions.
Unit 1 discusses compensation as a vital part of an organization’s reward system and examines internal and external influences on this reward system. The unit provides an overview of the compensation system and will help you understand that compensation decisions are affected by the nature of employees and their jobs; by certain organizational features such as philosophy, size structure, and location; and by external factors such as legislation, competition, unionization, labor economics, and major demographic influences. Unit 1 also presents information on the concept of internal alignment (or internal equity) as it applies to compensation systems.
The process of job evaluation uses job description/specification information to rank jobs according to their relative worth, or value, to an organization. Job evaluation is concerned with ensuring internal equity, or the perceived fairness of pay for one job as compared to the pay for a different job within the same organization. External competitiveness refers to the fairness of an organization's pay structure as compared to its competitors.
Besides internal and external equity, an organization must be concerned about employee equity, which is the pay one person receives as compared to the compensation of another individual doing the same job in the same firm. The course textbook examines the potential pitfalls and benefits of merit pay plans and discusses various ways to motivate employees to their highest performance levels. Performance appraisal systems also relate to employee equity. In many organizations, pay increases are tied to performance appraisal.
Employee benefits are an increasingly important component of the total compensation package. Because these programs represent a substantial cost to employers, they must be designed properly and communicated effectively to employees. Unit 4 also covers compensation issues for special groups such as executives and professionals. Chapter 17 discusses key pieces of federal legislation that affects compensation management. Finally, Chapter 18 emphasizes the fact that most well-designed compensation plans must have the support of an organization’s top management and employees for it to succeed. The compensation plan also must be monitored and audited to ensure due process.
4 @ 50 points: 200 points
Individual: 319 points
Discussions: 60 points
Collaborative: 70 points
Graduate Project: 70 points
Total: 719 points
A = 90%–100% of total points
B = 80%–89% of total points
C = 70%–79% of total points
D = 60%–69% of total points
Less than 60% of total points = No credit
Individual Assignment Rubric
Because of the subjective nature of the assignments for this course, your work will be assessed based on the instructor's perception of the level of insight and correctness of your responses, your logical presentation of the rationales for your responses, and the professional appearance of your completed assignments.
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